The Group President of the African Development Bank, Dr Akinwumi Adesina says all 54 countries in Africa must consistently maintain a seven per cent growth rate for the next 40-50 years to eradicate poverty and reach high-income status.
He made this statement while addressing African economic leaders on the theme – Key Actions to Achieving Inclusive Growth and Sustainable Development in Africa at the 2023 AfDB Annual Meetings in Sharm El Sheikh, Egypt.
Stressing that there is a clear need for African leaders to accelerate growth to improve the living standards of the people, Adesina said it is important to achieve the United Nations Sustainable Development Goals and the 2023 African Union agenda.
Speaking about the AfDB outlook report, Adesina said that although achieving this goal might be difficult, it is not impossible for the continent.
Adesina acknowledges Africa’s challenges
Speaking further, Adesina said, ”We acknowledge that our continent had its share of difficulties, growth stagnation, decline and even catastrophic growth and these statistics remind us of the work that still needs to be done.”
Also, he said, “We face an increasingly complex and uncertain world. Health, finance, socio-economic and environmental shocks threaten our progress towards the UN SDGs, AU Agenda 2063 and all development goals’ high-five priorities.Especially our high dependency on commodity exports and external finance including debt, remittances, foreign direct investment and development assistance. As we acknowledge the challenges before us, we must recognise the incredible potential and opportunities that Africa possesses.”
Adesina calls for investment in young people
The Bank’s President said Africa’s greatest assets are young people and should be invested in. “We must equip them with the skills and opportunities they need to drive the continent forward.”
Furthermore, Adesina said, “We must create an Africa that is both economically strengthened, socially equitable and environmentally sustainable.”
Source: Business Elites Africa
The prescribed seven percent growth rate by Dr Adesina is certainly on the high side – very difficult to attain even by advanced countries of the world.Even during the best if time, Nigeria struggled only to attain three percent. His other economic prescriptions tended, as wont by policy makers, still tended to be more theoretical than being down to the earth.